Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

  • FEAnalytics.com
  • FEInvest.net
  • FETransmission.com
  • Investegate.co.uk
  • Trustnet.hk
  • Trustnetoffshore.com
  • Trustnetmiddleeast.com

For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

COOKIES

In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email publishing@financialexpress.net in the first instance.

 Information  X 
Enter a valid email address

QUESTER VCT 5 (SVC3)

  Print      Mail a friend       Annual reports

Thursday 12 September, 2002

QUESTER VCT 5

Final Results


Quester VCT 5 plc

Financial highlights

42 weeks ended 30 June 2002                                                    
                                                                               
Revenue return per share (pence)                                           0.04
                                                                               
Total return per share (pence)                                           (0.40)
                                                                               
Shareholders' funds (£'000)                                              17,556
                                                                               
Net asset value per share (pence)                                          94.8
                                                                               
Mid-market price per share (pence)                                         93.0

Highlights from the Chairman's statement and Investment Manager's report

  * Positive rate of investment on the back of a steady deal flow
   
  * Currently depressed markets offer a good opportunity to make investments at
    relatively low prices
   
  * Good progress made towards constructing a well-balanced portfolio which has
    the potential to achieve attractive returns. Sectors include:
   
  * Computer software
   
  * Energy
   
  * Industrial products and services
   
  * Healthcare and life sciences
   
  * Communications
   
CHAIRMAN'S STATEMENT

INTRODUCTION

The offers for subscription for shares in Quester VCT 5 were closed on 31 May
2002 having raised gross funds of £18.6 million. This has allowed the Company
to start to build its venture capital portfolio. There has been a positive rate
of investment to date.

VENTURE CAPITAL INVESTMENT

As at 30 June 2002, three investments had been made at an average cost of
approximately £300,000. The currently depressed markets offer a good
opportunity for the Company to start to make investments at relatively low
initial prices, which potentially improves the future returns to shareholders.
Further information on the Company's investments is provided in the Investment
Manager's report.

Subsequent to the period end, a further four investments have been made taking
the total amount invested, including reserves for follow-on investments, to
approximately £3.3 million, or approximately 19% of net funds raised.

NET ASSET VALUE

As at 30 June 2002, the net asset value was 94.8 pence per share. This compares
to the initial net assets of 95.0 pence after providing for launch costs, which
were capped at 5% of gross funds raised. At this early stage in the Company's
life, there have not been any material changes to the value of the venture
capital portfolio, which remains valued at cost.

DISTRIBUTABLE RESERVES AND DIVIDENDS

At the period end, distributable reserves of £5,000 had been retained, which is
approximately equivalent to a total return for the period of 0.04 pence per
share. As indicated in the prospectus, the Company will not be paying an
interim dividend. However, it is possible that a small final dividend may be
proposed.

In line with the indication given in the prospectus and following Court
approval, the share premium account was cancelled on 14 August 2002.

PLANS TO RAISE FURTHER EQUITY

The Company proposes to seek to raise further funds which would enable it to
achieve a more diversified investment portfolio. It is planned to issue a
prospectus and application forms in respect of further offers for subscription
in the early Autumn. Existing shareholders will be given priority at the start
of the application process.

OUTLOOK

The Company has started to build a portfolio of investments in a range of
sectors with the potential to deliver attractive growth over the longer term.
With a steady flow of investment proposals, the prospects for continuing to
build this portfolio remain good.

WW Passmore

Chairman

12 September 2002

INVESTMENT MANAGER'S REPORT

OVERVIEW

We have begun to build the Company's venture capital portfolio slowly and
cautiously, with the first investment being made in May 2002. We intend to
structure steadily a diversified portfolio of investments designed to deliver
an attractive return to shareholders.

We are making investment judgements about the potential of young companies,
which plan to build their businesses over the medium to longer term, three to
five years and beyond. Many business plans are being substantially adjusted or
slowed to accommodate the current subdued business climate. Our challenge is to
look beyond these current conditions and balance scepticism against the
positive fact that successful management teams, who capitalise effectively on
innovation and technology change, will deliver attractive returns over the
longer term.

VENTURE CAPITAL INVESTMENT TO DATE

During the period to 30 June 2002, three venture capital investments were made
at an aggregate cost of £888,000. We have subsequently made a further four
investments as at the date of this report, increasing the amount invested to £
2.0 million at an average of approximately £300,000 per investment. In the
majority of cases we expect to invest further amounts in these portfolio
companies beyond the initial investment, depending on progress against plan of
the company concerned. We therefore carry notional reserves to cover this
further investment.

The seven investments completed to date have already created a degree of
diversification within the portfolio. The sectors covered include computer
software, energy, industrial products and services, healthcare and life
sciences and communications. This is consistent with the objective of building
a broad portfolio as stated in the prospectus.

Given the current level of funding, we anticipate making around 20 investments
and so are now approaching a third of the way towards achieving our initial
portfolio.

VALUATION OF THE VENTURE CAPITAL PORTFOLIO

The venture capital investments are currently held at cost, primarily
reflecting the fact that they are recent investments. The Company's basis for
valuing investments derives from the guidelines issued by the British Venture
Capital Association.

LISTED EQUITY PORTFOLIO AND FIXED INTEREST PORTFOLIO

It is intended that up to 15% of the funds raised from the launch are to be
invested in equities quoted on a recognised stock exchange. This portfolio is
managed by Newton Investment Management Limited. Newton have made a cautious
start, on account of the current uncertainty surrounding global stock markets,
and have invested approximately 20% of the funds earmarked for this portfolio.

Funds awaiting investment in venture capital opportunities or listed equities
are largely invested in short dated fixed interest securities. This portfolio,
which is also managed by Newton, will reduce over time as the funds are
switched into venture capital opportunities.

CONCLUSION

A steady rate of investment has been achieved during the period and
subsequently. We believe that we have made good progress towards constructing a
well balanced portfolio which has the potential to achieve attractive returns.
We are optimistic about the future prospects for these investments, although it
should be stressed that at this very early stage none of the companies have yet
achieved financial results which demonstrate this potential.

Quester Capital Management Limited

Manager

12 September 2002

Fund summary

As at 30 June 2002

                                                   Cost   Valuation   % of fund
                                                                               
                                                  £'000       £'000    by value
                                                                               
Unquoted venture capital investments                                           
                                                                               
Bowman Power Limited                                400         400        2.3%
                                                                               
Footfall Limited                                    400         400        2.3%
                                                                               
Azea Limited                                         88          88        0.5%
                                                                               
Total venture capital investments                   888         888        5.1%
                                                                               
Listed fixed interest investments                11,229      11,242       64.0%
                                                                               
Listed equity investments                           578         561        3.2%
                                                                               
Total investments                                12,695      12,691       72.3%
                                                                               
Cash and other net assets                         4,865       4,865       27.7%
                                                                               
Net assets                                       17,560      17,556      100.0%

                        UNAUDITED FINANCIAL STATEMENTS                         

Statement of Total Return

Incorporating the revenue account of the Company

                                                   42 weeks ended 30 June 2002
                                                                              
                                      Note     Revenue     Capital       Total
                                                                              
                                                 £'000       £'000       £'000
                                                                              
Losses on investments                                -        (17)        (17)
                                                                              
Income                                             184           -         184
                                                                              
Investment management fee                         (30)        (30)        (60)
                                                                              
Other expenses                                   (149)           -       (149)
                                                                              
Return/(loss) on ordinary                            5        (47)        (42)
activities before taxation                                                    
                                                                              
Tax on ordinary activities                           -           -           -
                                                                              
Return/(loss) on ordinary                            5        (47)        (42)
activities after taxation                                                     
                                                                              
Dividend proposed                                    -           -           -
                                                                              
Transfer to/(from) reserves                          5        (47)        (42)
                                                                              
Return per share                         3       0.04p     (0.44)p     (0.40)p

The revenue column of this statement is the profit and loss account of the
Company.

All revenue and capital items in the above statement derive from continuing
operations.

The Company has only one class of business and derives its income from
investments made in shares and securities and from bank deposits.

Balance sheet

                                                     Note               30 June
                                                                               
                                                                           2002
                                                                               
                                                                          £'000
                                                                               
Fixed assets                                                                   
                                                                               
Investments                                                              12,691
                                                                               
Current assets                                                                 
                                                                               
Debtors                                                                     480
                                                                               
Cash at bank and in hand                                                  5,924
                                                                               
                                                                          6,404
                                                                               
Creditors: amounts falling due within one year                          (1,493)
                                                                               
Other creditors                                                                
                                                                               
Net current assets                                                        4,911
                                                                               
Creditors: amounts falling due in over one year                            (46)
                                                                               
Loan stock                                                                     
                                                                               
Net assets                                                               17,556
                                                                               
Capital and reserves                                                           
                                                                               
Called up equity share capital                                              185
                                                                               
Share premium account                                 1                  17,413
                                                                               
Capital reserve - realised                            1                    (43)
                                                                               
- unrealised                                          1                     (4)
                                                                               
Revenue reserve                                       1                       5
                                                                               
Total equity shareholders' funds                                         17,556
                                                                               
Net asset value per share                                                 94.8p

Summarised Cashflow Statement

                                                                 42 weeks ended
                                                                               
                                                                   30 June 2002
                                                                               
                                                                          £'000
                                                                               
Net cash outflow from operating activities                                (264)
                                                                               
Net capital expenditure and financial investment                       (11,410)
                                                                               
Financing                                                                17,598
                                                                               
Increase in cash for the period                                           5,924
                                                                               
Reconciliation of net cashflow to movement in net funds                        
                                                                               
Increase in cash for the period                                           5,924
                                                                               
Net funds at the start of the period                                          -
                                                                               
Net funds at the end of the period                                        5,924

Notes to the unaudited financial statements

1. Movement in reserves

                                       Share    Capital      Capital    Revenue
                                     premium    reserve      reserve    reserve
                                     account   realised   unrealised           
                                                                          £'000
                                       £'000      £'000        £'000           
                                                                               
Shares issued                         18,375          -            -          -
                                                                               
Expenses of share issues               (925)          -            -          -
                                                                               
Share buy back and cancellation         (37)          -            -          -
                                                                               
Net loss on realisation of                 -       (13)            -          -
investments                                                                    
                                                                               
Net unrealised loss on                     -          -          (4)          -
revaluation                                                                    
                                                                               
of investments                                                                 
                                                                               
Investment management fee                  -       (30)            -          -
                                                                               
charged to capital                                                             
                                                                               
Net revenue retained for the               -          -            -          5
period                                                                         
                                                                               
At 30 June 2002                       17,413       (43)          (4)          5

 2. The financial information contained in this report has been prepared on the
    basis of the accounting policies adopted by the Company and covers the
    period from 6 September 2001, the date of incorporation, to 30 June 2002.
   
 3. The calculation of the revenue, capital and total return per share for the
    period is based on the respective profit or loss after tax and on the
    weighted average number of shares in issue during the period of 10,587,796.
   
 4. The unaudited financial statements set out above do not constitute
    statutory accounts within the meaning of Section 240 of the Companies Act
    1985.
   
 5. Copies of the unaudited interim results are expected to be sent to
    shareholders on 16 September 2002. Further copies can be obtained from the
    Company's registered office.